Korea hopes for a ‘green triangle’

Green Climate Fund in Incheon to help Korea’s efforts in green strategy, technology


A choice of Songdo as a host city for the Green Climate Fund secretariat would be a major boost to Korea’s efforts to spread the concept of green growth in Asia and beyond, Korean officials said.

With a decision on the fund’s host city due later this week, they emphasized the country’s leadership in green fields ― unusual for a developing country in Asia, as the key reason why the U.N.-operated fund should be based in Korea.

“Korea already has two centers for strategy and technology development in the field of green growth. If the GCF secretariat comes to Korea, it will complete a green triangle of strategy, technology and finance, and generate synergy,” Prime Minister Kim Hwang-shik said.

The two green centers already based in Korea are the Global Green Growth Institute and Green Technology Center, initiated and set up by the Korean government.

The GGGI, established in June 2010, is a think tank to develop strategies for environmentally friendly economic growth drivers. GTC was launched in March this year as a hub of technological research in green industries.

The establishment of the two was part of a broader effort by Korean officials to turn Asia’s fourth-largest economy into a greener one and share its experiences with other countries.

Since President Lee Myung-bak proclaimed green growth as a new national vision in 2008, the government has allocated 2 percent of the nation’s gross domestic product per year for policies to reduce the local economy’s heavy dependence on fossil fuels, increase the use of alternative energy and nurture green industries.

In 2009, the country pledged to cut its greenhouse gas emissions by 30 percent from business-as-usual levels by 2020. This May, the National Assembly passed with near unanimity the legislation for the establishment of a national carbon exchange system by January 2015.

Taking a step further, it is now pursuing “inclusive green growth,” trying to support underdeveloped countries to seek a more sustainable growth path.

In this vein, the government plans to increase the portion of eco-friendly green programs it supports to 30 percent of its official development assistance fund by 2020.

In 2010, green aid programs accounted for 14.1 percent of the country’s total ODA spending.

By Lee Sun-young (milaya@heraldcorp.com)